BREAKING: CBN Increases Interest Rate To 17.5%

CBN increased the interest rate to 17.5% in January 2023.

 

NewsOnline reports that the monetary policy committee of the central bank has voted in its January 2023 meeting to raise its benchmark interest rate otherwise called the monetary policy rate to 17.5% from 16.5%.

 

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This was announced by the governor of the central bank, Godwin Emefiele at a press briefing following the end of the monetary policy committee meeting held on Tuesday 24th, 2023.

 

This is the first interest rate hike in 2023 suggesting the apex bank is continuing with the hawkish rate policy started in 2022.

 

…more details soon.